Centric Brands recently announced it had signed a lease for 212,154 square feet of trophy New York City office space in the Empire State Building with the Empire State Realty Trust (ESRT), the owner of the iconic building. Previously, the space was occupied by the same tenant, but was subleased from Hong Kong-based Global Brands Group.
JLL’s Peter Riguardi, Joseph Messina and Cynthia Wasserberg represented the tenant. The Empire State Realty Trust was represented by an in-house team of Anthony E. Malkin, Ryan Kass and Shanae Ursini.
“As part of Centric Brands’ reorganization, they considered all their options for their offices,” said Malkin, who is chairman, president and CEO of ESRT. “It is gratifying that they chose to restack and make a long-term commitment to ESB […]. We look forward to our continued relationship with Centric Brands as they grow.”
Despite difficulties posed by the pandemic, overall occupancy in the Empire State Building was reportedly around 95% as of June 2020, according to Reuters. Remaining availabilities include the entire 78th floor — the building’s highest office floor — which amounts to 23,000 square feet of office space in Manhattan.
The Empire State Realty Trust is a real estate investment trust that owns, manages and operates office and retail properties in high-demand areas of Manhattan and the New York metro. ESRT’s portfolio totals 9.4 million square feet of office space among 14 properties. In addition to the company’s flagship Empire State Building, The Empire State Realty Trust also owns office buildings such as One Grand Central Place and 1400 Broadway.
Centric Brands is a New York-based company that produces and licenses apparel, collaborating with brands such as Calvin Klein, Under Armour and Tommy Hilfiger. The company, known until 2018 as Differential Brands Group, recently underwent restructuring which turned it into a fully private entity with a stronger capital structure.